Q1 (3 Marks) 1-Plant assets may property inchade a. deposits on machinery not yet received b...

 

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Q1 (3 Marks) 1-Plant assets may property inchade a. deposits on machinery not yet received b idle equipment awaiting sale. c. land held for possible use as a future plant site. d. None of these answer choices are corred. 2- Which of the following is not a major characteristic of a plant asset? a. Possesses physical substance b. Acquired for resale c Acquired for use d. Long-term in nature 3- Which of these is not a major characteristic ofa plant asset? a Possesses physical substance D. Acquired for use in operations C Long-term in nature d. All of these are major characteristics of a plant asset 4- Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emponia Hotel and build a new huxury hotel on the site. The cost of the Empona Hotel should be a depreciated over the period from acquisition to the date the hotel is scheduled to be torm down. b. written off as loss in the year the hotel is torn down c capitalized as part of the cost of the land d. capitalized as part of the cost of the new hotel. 5- The cost of land does not include a. costs of grading, filling, draining. and clearing b. costs of removing old buildings. C costs of improvements with limited lives. d special assessments Q1 (3 Marks) 1-Plant assets may property inchade a. deposits on machinery not yet received b idle equipment awaiting sale. c. land held for possible use as a future plant site. d. None of these answer choices are corred. 2- Which of the following is not a major characteristic of a plant asset? a. Possesses physical substance b. Acquired for resale c Acquired for use d. Long-term in nature 3- Which of these is not a major characteristic ofa plant asset? a Possesses physical substance D. Acquired for use in operations C Long-term in nature d. All of these are major characteristics of a plant asset 4- Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emponia Hotel and build a new huxury hotel on the site. The cost of the Empona Hotel should be a depreciated over the period from acquisition to the date the hotel is scheduled to be torm down. b. written off as loss in the year the hotel is torn down c capitalized as part of the cost of the land d. capitalized as part of the cost of the new hotel. 5- The cost of land does not include a. costs of grading, filling, draining. and clearing b. costs of removing old buildings. C costs of improvements with limited lives. d special assessments

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Solution 1 Plant assets can be depreciated by Plant assets also known as fixed assets Any a... View the full answer